As an analyst who has witnessed the meteoric rise of cryptocurrencies and tech stocks over the past few years, I find myself awestruck yet again by the latest developments surrounding Bitcoin and MicroStrategy. The digital gold’s all-time high and the subsequent surge in MicroStrategy’s stock price are nothing short of breathtaking.
The price of Bitcoin reached a new peak, only to dip slightly, as investors looked forward to a potential reduction in interest rates by the Federal Reserve later in the week.
The current price of Bitcoin has risen by 1.41% to approximately $103,926, as reported by CoinMarketCap, following a new peak of $106,554 in the early hours of Monday’s trading session. Market participants anticipate that the Federal Reserve will lower interest rates this week during their two-day meeting, which concludes on Wednesday.
On Monday, shares of MicroStrategy increased significantly in premarket trading, climbing over 5% according to CNBC data.
MicroStrategy shares jump as bitcoin proxy will join Nasdaq-100 index and ‘QQQ’ ETF
— CNBC (@CNBC) December 16, 2024
For quite some time now, MicroStrategy has been building a substantial cache of Bitcoins, essentially serving as an emblematic representation of this digital currency. With their latest acquisition of 15,350 Bitcoins, their Bitcoin holdings have swelled to a staggering 439,000 BTC. Currently, Bitcoin has seen a rise of more than 8% for the month and an impressive 145% increase for the year.
MicroStrategy’s MSTR gains momentum
The shares of Bitcoin proxy MicroStrategy have seen a surge in recent days, propelled by the announcement last Friday that it will become part of the Nasdaq-100 index towards the end of this month. This inclusion in the tech-focused index, which officially begins on December 23rd, is a result of MicroStrategy’s remarkable growth throughout this year.
Each year, the Nasdaq-100 index is revised by Nasdaq, with the chosen companies mainly determined by market capitalization rankings as of the last trading day in November. Moreover, these stocks must fulfill certain liquidity conditions and have a specific number of freely traded shares.
As an analyst, I’ve observed a significant surge: over 40% growth in the past three months for MicroStrategy, pushing its market capitalization to approximately $100 billion. This impressive growth places MicroStrategy among the elite, surpassing more than half of the Nasdaq-100’s constituents, thereby fulfilling a crucial prerequisite for membership.
This latest action implies that MicroStrategy will now be a part of the widely recognized Invesco QQQ Trust Exchange-Traded Fund (ETF), which follows the Nasdaq-100 index. This could lead to automatic investments flowing into MicroStrategy’s shares, potentially offering an additional lift.
Read More
- USD PHP PREDICTION
- POL PREDICTION. POL cryptocurrency
- Brent Oil Forecast
- Pokemon Is Collaborating With Dua Lipa
- EUR ZAR PREDICTION
- HBOs The Last of Us Used Heavy Make-up To Cover One Characters Real-Life Injury
- Final Fantasy 7 Gets Switch Update
- Project ARC Hands-On Preview: A Solid Tactical Shooter
- OKB PREDICTION. OKB cryptocurrency
- ONDO PREDICTION. ONDO cryptocurrency
2024-12-16 18:28